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Spring 2015 Issue of Graham & Doddsville

May 04, 2015 By: webmaster Category: Uncategorized

The Spring 2015 issue of Graham & Doddsville was just released by the students of Columbia Business School.

The new issue features Matthew McLennan and Kimball Brooker of First Eagle, Josh Resnick of Jericho Capital, Harvey Sawikin of Firebird Management, Eric Yip and Mark Unferth of Alder Hill Management and Rolf Heitmeyer (’06) of Breithorn Capital Management.  It also features the five final round pitches from the Pershing Square Challenge held on April 22, 2015.

Congratulations to the 2014 – 2015 second year graduating editors Matt Ford, Peter Pan and Tom Schweitzer.  Keep up the great work CBS!

Check out the latest issue of Graham & Doddsville here.

Read past issues of Graham & Doddsville here.

An Honor, A Dilemma, and A Reboot

October 26, 2014 By: webmaster Category: Behavioral Biases, Behavioral Finance, Jason Zweig, Uncategorized

A few weeks ago, I noticed a sudden increase in the number of people who follow me on Twitter.  The reason, I soon discovered, was an article titled “Read ‘Em and Reap” by Jason Zweig that was posted on the Wall Street Journal’s Total Return Blog.  For those of you who have never heard of Jason Zweig (I doubt that includes most readers of this blog), he is a columnist for the Wall Street Journal and writes the weekly “Intelligent Investor” column.  In fact, Jason Zweig edited one of the most widely read editions of “The Intelligent Investor” by Benjamin Graham.   Jason’s post was a follow-up to another article he wrote, “Can Peers Burn Holes In Your Portfolio?”

My “Intelligent Investor” column this weekend discusses new research on what psychologists call “shared attention”—the state of paying heed to an object or event at the same time your peers are also focusing on it. Believing that other people like you are paying attention to the same thing you are can make you more likely to remember it, to take action on it and to experience more intense emotions about it, the research finds.

In my column, I encouraged investors to socialize “only with investors who are calm and methodical.” Here’s a small selection of websites, blogs and Twitter feeds that I think pass that test.  It is far from complete; there are other sites I like for other reasons, but the sources I’ve listed here all encourage investors to ignore the markets’ momentary twitches and spasms and, instead, to focus on the long term.

GrahamAndDoddsville.net was one of the websites on Jason’s list.  To say it is an honor to appear on Jason’s list, alongside some of my favorite websites, would be a major understatement.

When the proverbial apple fell on my head and I discovered value investing (a term I now believe to be a proxy for all intelligent investing), I wanted to read and learn as much as I could.  There were several websites and blogs that helped me navigate the vast number of available resources.  While many of the websites that were helpful to me no longer exist, these resources were invaluable to my own investing journey.  Over time, however, I realized that many aspiring analysts / investors, including myself, fell into the pitfall of spending too much time reading about investors and not enough time investing.  Once you have covered the basics (and it is my opinion that studying The Intelligent Investor, Warren Buffett’s Letters to Berkshire Shareholders, and Joel Greenblatt’s You Can Be a Stock Market Genius will get you 99.9% of the way there), there is no better way to learn how to invest than by taking your hard earned money and investing it.  I have often heard people reply, “I don’t have enough money to invest in stocks on my own.”  Hogwash!  I may have accepted that reply prior to the turn of the century, but in 2014, anyone can open an online brokerage account with almost no minimum account balance.  In most cases, this ease of access proves to be very bad for investors.  But if you are truly learning how to be an intelligent investor, it is wonderful!

This brings me to the dilemma.  At a certain point, my recommendation to aspiring analysts and investors is to spend their non-investing time delving into case studies and hunting for undervalued securities.  Some of my favorite places to do both are on your left – right there in the margin – or on the Valuable Investing Resources page.

I am amazed how many visitors the GrahamAndDoddsville blog receives, especially in light of how infrequently it is updated.  I am humbled by number of analysts and investors who have told me that they used this site as a lunching point for their own journey to become an intelligent investor.  My original motive for starting the site was to have a place where I could store all of the resources I have found.

With all of this in mind, I plan for the site to become a bit more active.  A reboot, if you will.  The number of posts may not dramatically increase, but in the coming days, weeks and months, you will start to see fixed links, updates to the hunting grounds, research essentials and top blogs, and additions to the SuperInvestor Resources.  Hopefully this will serve as a compromise.  By not dramatically increasing the number of posts, my hope is that I will not draw aspiring analysts / intelligent investors away from the sites where they should be spending most of their non-investing time – websites and blogs filled with case studies and discussions of current investment ideas.  At the same time, GrahamAndDoddsville.net will hopefully become an even better tool for those who continue to use the site as either a starting point or as an ongoing resource in the never-ending journey to become a more intelligent investor.

I receive many e-mails want to sincerely apologize to those who have received a reply.  I do enjoy hearing from likeminded investors and can be reached at admin@grahamanddoddsville.net.  I will do my best to respond.

See: “Read ‘Em and Reap: Smart People for Investors to Follow” (WSJ Total Return Blog, 9/6/2014)

Spring 2014 Issue of Graham & Doddsville

May 05, 2014 By: webmaster Category: Arnold Van Den Berg, Columbia Business School, Graham And Doddsville Newsletter, Uncategorized

The students of Columbia Business School just released the Spring 2014 Issue of Graham & Doddsville.

The new issue features Arnold Van Den Berg and Jim Brilliant of Century Management, Philippe Jabre of Jabre Capital, Eric Rosenfeld of Crescendo Partners, and CBS Alum H. Kevin Byun of Denali Investors. This issue also covers the 17th Annual CSIMA Conference and includes ideas from the 2014 Pershing Square Challenge.

Congratulations to the 2013 – 2014 second-year graduating editors Chris Brigham, Jackson Thies and Jason Yang on an outstanding job.

Keep up the great work CBS!

Check out the latest issue of Graham & Doddsville here.

Read past issues of Graham & Doddsville here.

The 8th Annual Spring Value Investing Congress

March 27, 2013 By: webmaster Category: Uncategorized

The 8th Annual Spring Value Investing Congress will be held May 6 & 7, 2013 at the Wynn Hotel in Las Vegas. 

If you haven’t registered, Whitney and John have decided to reinstate the Early Bird Discount for 24 hours ONLY. This is an extraordinary offer – $1,400 LESS than what others will pay later to attend the Congress – so I hope you’ll take advantage of it before it disappears!

The Las Vegas Value Investing Congress will have more speakers than ever before, in a powerful new format. You’ll gain a huge amount of practical investing wisdom and leave with many actionable investment ideas.  The lineup for this spring’s congress includes First Pacific Advisors’ Steven Romick, D3 Family Funds’ David Nierenberg, Centaur Capital’s Zeke Ashton, Rational’s Guy Gottfried, Robotti & Company’s Isaac Schwartz and Mittleman Brothers’ Chris Mittleman, just to name a few.

To register at this deeply discounted price go to www.ValueInvestingCongress.com/24HourSpecialOffer and use discount code S13GD9. You must register by midnight tomorrow (Thursday, March 28th) to take advantage of these savings.

Berkshire Hathaway Annual Meeting 2011

May 03, 2011 By: webmaster Category: Uncategorized

The Berkshire Hathway Annual Meeting has become an annual rite of passage for investors to hear from the author of The Superinvestors of Graham-And-Doddsville, and his partner, Charlie Munger.  As in the past, I will keep my posting about the Berkshire Hathaway Annual Meeting to a minimum.  In fact, if you want to learn more about the 2011 meeting, you really don’t need more than the two links below:

Ben Clameron’s 2011 Berkshire Hathaway Meeting Notes via The Innoculated Investor

Ultimate 2011 Berkshire Hathaway Meeting Guide via Fat Pitch Financials

As I mentioned before, if you are at the Value Investing Congress in Pasadena today and tomorrow, please make sure to say hello.

Value Investing Congress West

May 01, 2011 By: webmaster Category: Uncategorized

I will be attending the Value Investing Congress West on Tuesday and Wednesday in Pasadena, CA.   If you are attending, drop an e-mail at cogitator -@- grahamanddoddsville.net so we can meet.

If you can’t make it – be sure to watch out for details on the New York Value Investing Congress in the fall.